Business Today

White House likes new bank bill

Published: Wednesday, July 07, 1999

WASHINGTON The Clinton administration is pleased with a House-passed bill to sweep away Depression-era banking restrictions and hopes it will serve as the basis for compromise with a far-different Senate measure, new Treasury Secretary Lawrence Summers said Tuesday.

By a lopsided 343-86 vote, the House approved legislation last week that would overturn prohibitions on banks, securities firms and insurance companies entering into each others' businesses.

The House measure did not contain provisions that the administration has found objectionable in a Senate bill passed in May.

The Senate measure would take banking regulatory powers away from the Office of the Comptroller, an administration agency inside the Treasury Department, in favor of the Federal Reserve. Federal Reserve Chairman Alan Greenspan strongly supports the Senate approach.

Industry leaders foresee growth

NEW YORK Executives from the manufacturing and construction industries anticipate solid growth in the July-September quarter, according to separate surveys released Tuesday by Dun & Bradstreet.

The manufacturers' survey not only showed optimism about continued strength but also found ''few signs of inflationary pressures.''

The construction industry reported its strongest results in orders and prices in the June survey since the business-information company began such tallies in 1990.

The survey of 200 U.S. construction executives also indicated that employment in the building industry reached its highest level since August 1994.

Nissan plans recall of Infinitis

DETROIT Nissan Motor Corp. will recall more than 17,000 Infiniti Q45 and I30 sedans to replace a defective electronic part that could potentially cause a fire in the engine compartment.

The recall affects 14,520 I30s and 2,997 Q45s, all from model year 1997 and 1998, in the United States. Another 101 I30s are being recalled in Canada. Nissan said Tuesday that the luxury cars may contain a defective diode in the alternator that could cause a short, which in turn could result in a fire.

Spokesman John Schilling said a few minor fires blamed on the defect had been reported, but none resulted in injuries.

Infiniti dealers will replace the alternators free of charge. Owners of the affected cars are being notified by mail.